16th Jun 2016 14:45
LONDON (Alliance News) - Lloyds Banking Group PLC has won a major court battle against bondholders that could save it up to GBP1 billion, the BBC reported.
Investors had fought against the forced repurchase of enhanced capital note bonds, but the Supreme Court said the bank had been entitled to buy back the bonds at their original issue price.
A Lloyds Banking Group spokesperson welcomed the decision: "The group has sought to balance the interests of all stakeholders including our 2.6 million shareholders, as it takes steps to meet the requirements of the changing regulatory landscape and manage its capital requirements efficiently."
http://www.bbc.co.uk/news/business-36548645
Shares in Lloyds were down 2.6% at 61.37 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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